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Nov 15, 2012
11/12
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ronald reagan was the president. and david stockman, before he turned tail, was the budget director. but you know what? we had a ton of spending cuts. a ton of spending cuts. and i have the scars here on my back to show. >> i know. >> and people just go crazy. you've had the same experience. what i'm saying to you is this. before anybody talks about a dollar of new tax revenue, why haven't we exhausted every dollar of spending cuts? that's what -- before we even get to the revenue, why don't we go through spending? and i'm not -- yes, entitlement reform, but also there's a lot of inefficient and duplicative and whole agencies we don't need. before you talk about revenues, one nickel of rev few, why don't we have the conversation on spending? >> i don't know, larry. it's a tremendous frustration. we've seen this for a long, long time, both parties. we really do need a thorough scrub. and they've done it before. they come up with lots of program cancellations. and they never get through congress. we certainly need enti
ronald reagan was the president. and david stockman, before he turned tail, was the budget director. but you know what? we had a ton of spending cuts. a ton of spending cuts. and i have the scars here on my back to show. >> i know. >> and people just go crazy. you've had the same experience. what i'm saying to you is this. before anybody talks about a dollar of new tax revenue, why haven't we exhausted every dollar of spending cuts? that's what -- before we even get to the revenue,...
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Nov 15, 2012
11/12
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ronald reagan said 80% is better than none at all. melissa: i'm melissa francis and here's what's "money" tonight. president obama goes for broke, calling for $1.6 trillion, in new tax revenues. probably not what businesses want to hear. will this doubling down derail a deal on the fiscal cliff? >> plus a salary that is as good as go. one montana lawmaker is demanding to get paid in gold coins. he is here to explain why in a fox business exclusive. >>> screw market prices. one gas station charges $3 more. $3 more per gallon than his nearby competitors. and it is is making a killing. the strategy is far more widespread than you might think. we have details on that coming up. even when they say it's not, it is always about money. melissa: all right. first the day's market headlines. a bad day for stocks just keeps getting worse. a news conference by president obama only amplified fears about the fiscal cliff and down to a 4-month low down 185 points. banks of america led the slide, closing down more than 3 1/2%. one bright spot, cisco s
ronald reagan said 80% is better than none at all. melissa: i'm melissa francis and here's what's "money" tonight. president obama goes for broke, calling for $1.6 trillion, in new tax revenues. probably not what businesses want to hear. will this doubling down derail a deal on the fiscal cliff? >> plus a salary that is as good as go. one montana lawmaker is demanding to get paid in gold coins. he is here to explain why in a fox business exclusive. >>> screw market...
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Nov 15, 2012
11/12
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so, you know, that's not exactly the way ronald reagan did. >> get your treasury secretary, get them up discussing the details now, not go out talking to the press. >> look, the deal of last summer did not take place in the press. it was a six week extended the duration, which they got 85% of the way he would deal. and the format of the deal -- >> you've got to get 100% to close at. >> everyone understands that there wasn't a deal. the question is, if there's going to be a deal now, will it look like the one that almost was last summer? and i think it probably will. and the framework on that deal wasn't crazy. it was basically 1 trillion on entitlements, 1 trillion on discretionary, 1 trillion on revenues, 1 trillion -- that's approximate what it is. there was still argument over should 1 trillion of revenue just come from high income people, should it be smaller, bigger? should the indictment, social security or medicare? all of that's important but that's basically what the deal will be. you should have in your mind it is going to be a grand bargain that's what is going to look lik
so, you know, that's not exactly the way ronald reagan did. >> get your treasury secretary, get them up discussing the details now, not go out talking to the press. >> look, the deal of last summer did not take place in the press. it was a six week extended the duration, which they got 85% of the way he would deal. and the format of the deal -- >> you've got to get 100% to close at. >> everyone understands that there wasn't a deal. the question is, if there's going to be...
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Nov 15, 2012
11/12
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FOXNEWSW
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you have to look at ronald reagan as well as henry kissinger, when they went into negotiations, said you have to come willing to truly cut a deal. you may get 90%. >> takes both sides. obama is very good in liberal rhetoric blaming republicans. even in "l.a. times", obama wants to help the middle class but republicans don't want to give everything to the rich which is not true. and a lot of liberals are saying this was a mandate to raise taxes? i think people can be pro-choice, pro-day marriage and have fiscal responsibility and live within their means. jon: well, i mean to be honest, angela, the president campaigned on a platform saying i'm going to go back to the bill clinton tax rates and the wealthiest are going to have to pay more money and he won. >> but bill clinton worked with a republican congress and our economy was not in dire straits that it is right now. so if he really wants to go back to the bill clinton days he should go to the table and work with republicans. >> also you have to look taxes were historical high. one of the things they're talking about is trying to get
you have to look at ronald reagan as well as henry kissinger, when they went into negotiations, said you have to come willing to truly cut a deal. you may get 90%. >> takes both sides. obama is very good in liberal rhetoric blaming republicans. even in "l.a. times", obama wants to help the middle class but republicans don't want to give everything to the rich which is not true. and a lot of liberals are saying this was a mandate to raise taxes? i think people can be pro-choice,...
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Nov 15, 2012
11/12
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think of ronald reagan and tip o'neill reforming social security. ron reagan and tip o'neill during the current tax reform. bill clinton and the republican congress doing welfare reform and balancing the budget. we look forward to making this divided government productive for the american people, and we have, as everyone knows, a lot of challenges at the end of the year. i will be meeting with the president and the other leadership on friday to talk about the way forward. we look forward to being a part of the solution to the significant problems. it is my pleasure to turn to our newly elected whip, senator john corn andyn of texas. >> -- senator john cornyn of texas. >> is an honor to serve as the assistant leader on the republican side. we have a lot of very difficult work to do, but we are committed to working with our colleagues across the aisle to solve the nation's urgent problems. we know what those are in the lame duck and we know what those are going forward. there is no mystery about that, nor is there any mystery to some of the solutions
think of ronald reagan and tip o'neill reforming social security. ron reagan and tip o'neill during the current tax reform. bill clinton and the republican congress doing welfare reform and balancing the budget. we look forward to making this divided government productive for the american people, and we have, as everyone knows, a lot of challenges at the end of the year. i will be meeting with the president and the other leadership on friday to talk about the way forward. we look forward to...